In the course of the coming final withholding tax, life insurers from Liechtenstein are increasingly appearing in Germany. In this context, the Munich lawyer Dr. Johannes Fiala has pointed out that the problem of abuse of structure can arise here, which leads to a tax-privileged life insurance policy becoming a taxable investment. According to Fiala, “it is sufficient that the customer himself coordinates the investment decisions normally incumbent on the insurer with the asset manager or his bank. “If the customer has in fact never given the disposal of his assets out of his hands, there is already a lack of a deposit with the insurer that could be considered analogous to a premium payment,” Fiala notes. Further: “In numerous shell insurance contracts the assumption of a death risk or other substantial biometric risks by the insurer is missing…The lived practice of an asset management by shell of the customer depot appears therefore sometimes as direct incitement to the tax evasion”. The GDV has also warned against wrapping products via Liechtenstein.
(VI Report (Financial Performance) 7/2008, 1)
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PhD, MBA, MM
Dr. Johannes Fiala has been working for more than 25 years as a lawyer and attorney with his own law firm in Munich. He is intensively involved in real estate, financial law, tax and insurance law. The numerous stages of his professional career enable him to provide his clients with comprehensive advice and to act as a lawyer in the event of disputes.
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